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EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following tables provide additional disclosure regarding the computation for the three and six months ended June 30, 2019 and June 30, 2018:
 
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
Net income (loss)
 
 
 
$
1,394,170

 
 
 
$
(21,490,063
)
 
 
 
 
 
 
 
 
 
Less dividends:
 
 

 
 

 
 

 
 

Common stock
 
$
1,776,575

 
 

 
$
1,420,990

 
 

Preferred stock
 
3,792

 
 

 
870,726

 
 

Deemed dividend on preferred stock related to redemption
 
—

 
 
 
—

 
 
 
 
 

 
1,780,367

 
 

 
2,291,716

Undistributed earnings (deficit)
 
 
 
$
(386,197
)
 
 
 
$
(23,781,779
)
 
 
Unvested Share-Based
Payment Awards
 
Common Stock
 
Unvested Share-Based
Payment Awards
 
Common Stock
Distributed earnings
 
$
0.07

 
$
0.07

 
$
0.06

 
$
0.06

Undistributed earnings (deficit)
 
(0.01
)
 
(0.01
)
 
(1.00
)
 
(1.00
)
Total
 
$
0.06

 
$
0.06

 
$
(0.94
)
 
$
(0.94
)

 
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Net income (loss)
 
 
 
$
2,868,937

 
 
 
$
(10,175,063
)
 
 
 
 
 
 
 
 
 
Less dividends:
 
 

 
 

 
 

 
 

Common stock
 
$
3,434,711

 
 

 
$
3,735,676

 
 

Preferred stock
 
484,264

 
 

 
1,751,235

 
 

Deemed dividend on preferred stock related to redemption
 
3,093,028

 
 
 
—

 
 
 
 
 

 
7,012,003

 
 

 
5,486,911

Undistributed earnings (deficit)
 
 
 
$
(4,143,066
)
 
 
 
$
(15,661,974
)
 
 
Unvested Share-Based
Payment Awards
 
Common Stock
 
Unvested Share-Based
Payment Awards
 
Common Stock
Distributed earnings
 
$
0.14

 
$
0.14

 
$
0.16

 
$
0.16

Undistributed earnings (deficit)
 
(0.17
)
 
(0.17
)
 
(0.67
)
 
(0.67
)
Total
 
$
(0.03
)
 
$
(0.03
)
 
$
(0.51
)
 
$
(0.51
)